Why are we specifically talking about choosing the best health insurance plan for a senior citizen?
In recent years people have become more aware and concerned about both staying healthy, as well as ensuring financial security. We are all aware of rising health care costs and are taking steps to protect ourselves against the impact.
However, we can see in the preceding generation, that people did not think about it for a variety of reasons. Many were employed in the public sector or even private-sector jobs which came with some health insurance provisions.
Families were still seen as support systems even for financial cushions when needed. These are rapidly changing and people may awaken to the rude reality of discovering that health benefits will vanish with employment and fear that they may be too old to get independent cover.
This is not true and hence there is no need to worry. It is very possible to access products designed for senior citizens. There are 6 important aspects to be considered while looking at which is the best health insurance plan for senior citizens:
1. Pre-Acceptance Medical Screening
Different insurance providers have different levels of “stringency” or conditions that they specify for whom they will cover. Older people meanwhile are even less likely to want the hassle of going in for a battery of tests. So, you should look at what screening if any the insurer is asking for
2. Pre-Existing Disease (PED) Inclusion
By this age, you would already be aware of any lifestyle or health issues or conditions that the person in question has. You can look at which plan allows for these specific conditions. One should select Senior Citizen Health Insurance that allows pre-existing conditions, such as cardiac issues, diabetes, etc.
3. Minimum Waiting Period
All policies have minimum waiting periods for different conditions. The policyholder needs to wait through that period before being eligible to avail of the cover.
Health insurance plans for senior citizens are likely to have co-payment clauses, which means that a certain percentage of the cost would need to be borne by the policyholder.
You should check if the plan you are looking at has such a clause. Even if it does, you may decide that the percentage of the cost the insurer is willing to cover is worth the premium you pay
Common exclusions under Health Insurance for Senior Citizens include injuries due to self-infliction or alcohol consumption, pregnancy or infertility treatment and cosmetic surgery. These are some challenges of making a plan at a later age where such issues may have already surfaced. You should check what things are not covered in a plan
6. No Maximum Entry Age Limit
It is easier to go for plans that do not specify a maximum age limit to become a policyholder
Yes, the premium for senior citizen health insurance plan is likely to be relatively higher of course since it is a function of age, but you can still look at relative options keeping in mind the above factors. Depending upon where the policyholder may have retired to, standard factors like the quality of network hospitals of the insurer would continue to be important as well as the Claim Settlement Ratio (CSR).